Some 150,000 m[sup]2[/sup] of modern warehouse space was completed in the Czech Republic in the second quarter of 2009, according to a study by CB Richard Ellis.
Some 150,000 m2 of modern warehouse space was completed in the Czech Republic in the second quarter of 2009, according to a study by CB Richard Ellis.
The property adviser said this figure was in line with four-year quarterly average. However, only 68,000 m2 of modern warehouse space is currently under construction in the Czech Republic which is a drop of 90% year-on-year.
CBRE said the second quarter witnessed a further decrease in take-up which reached only 61,000 m2, representing the lowest quarterly amount since 2005. The vacancy rate increased by five percentage points compared to Q2 2008 and currently stands above 18%.
Filip Kozak, head of Industrial Agency, commented: 'The positive news for the Czech Republic industrial market is that through the first half of 2009 developers were able to complete 390,000 m2 of modern warehouse space of which more than 250,000 m2 were successfully handed over to new tenants, however the continuing low levels of demand remain a concern for the market as a whole.'
